On Tuesday, Barack Obama declared the debate over how to restore growth, balance, and fairness to the American economy the “defining issue of our time.”
For decades, the Egyptian military has operated an economy within an economy in Egypt. With the tacit support of the United States, the armed forces own and operate a sprawling network of for-profit businesses. The military runs factories that manufacture televisions, bottled water and other consumer goods. Its companies obtain public land at discounted prices. And it pays no taxes and discloses little to civilian officials.
For two hundred years, the middle class has enjoyed legendary status in Western economic thought. First the British and then the American middle classes, Weber, Marx and many others said, served as vaunted engines of economic growth and political stability throughout the 19th and 20th centuries.